He was neither whinging nor being hypocritical. He was being interviewed by the chairman of NASDAQ and didn't mention any other club. He merely gave his honest response when asked for his opinion about the current transfer market. He suggested that a club spending more than it earns is unsustainable in the long term. I don't see what's so wrong about that. He wasn't having a dig at City. It was quite clear that he was referring to the prospect of clubs getting themselves in financial difficulty - not something that City have to concern themselves with. In fact, the focus of Levy's comments on the matter was primarily Spurs, with him being keen to stress that he is only a temporary custodian of the club and that he has a responsibility to hand it over in a healthy state to whoever might succeed him.
Seems to me that you're getting yourself worked up about this for no good reason.
Considerably less than a billion, actually! But how is that relevant? It's perfectly clear, surely, that Levy was specifically talking about spending on players.